Binance hack disclosure deepens Bitcoin fall below $77,000

The Binance hack disclosure intensified a cryptocurrency selloff on October 30, with Bitcoin dropping below $77,000 for the first time in over a month, according to reports. The token touched $76,300 before recovering slightly during afternoon trading in New York.

Bitcoin's decline reached 3.1% during the session. Binance's BNB token was trading near $700 after losing about 7% since Wednesday, while other digital assets also fell.

The exchange said it had set aside $6.34 billion of its own money following the breach. It suspended withdrawals after detecting the exploit and pledged to cover losses.

Investigators and stablecoin issuers respond

The reported Binance hack involved an attempt to move more than $6 billion, making it the largest recorded cryptocurrency theft, according to the account. The incident raised fresh scrutiny of asset safeguards at an exchange holding more than $135 billion on its platform.

The FBI said it knew of the incident and was coordinating with partners to assess its extent, possible effects and investigative steps. A Secret Service spokesperson said investigators were working with private companies to recover stolen funds.

Tether chief Paolo Ardoino said his company froze over $1.5 billion in stablecoins associated with a possible exchange hack. Circle chief Jeremy Allaire separately said $800 million of its coin had been frozen following reports of a potential exploit involving Binance.

The security disclosure came during a week when wider economic conditions were already weighing on cryptocurrencies. In New York afternoon trading, the S&P 500 was down roughly 2%, while the Nasdaq 100 had fallen nearly 4% after disappointing corporate earnings.

A scheduled $11 billion options expiry on Deribit added to the cautious market mood. Coinglass data indicated that about $1.3 billion in bullish cryptocurrency positions had been liquidated over 24 hours.

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